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Three battling it out for SMART Papers
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By Chris Dumond
Staff Writer
HAMILTON — The SMART Papers auction had boiled down to three bidders as of 2 p.m. Tuesday, according to company President Tim Needham.
Needham said he had expected the auction to be completed by that time.
“We still have three bidders aggressively talking trying to get apples-to-apples terms,” he said.
SMART Papers has been in bankruptcy since late March. According to the terms of the loans made to SMART by Wachovia to keep the company alive during the bankruptcy process, the paper manufacturer must be sold today to avoid default.
The auction has been ongoing since 10 a.m. this morning in the law offices of Young, Conaway, Stargatt and Taylor in Wilmington, Del. Needham said he was hopeful the auction would be completed by the end of the day.
Contact this reporter at (513) 820-2025 or cdumond@coxohio.com.
